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2012 Corporate Income Tax (CIT) Rates
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Corporations operating in Ontario are generally taxed at a rate of 26.5%. However, Ontario's manufacturing and resource industries are subject to a lower 10.0% provincial tax rate. When combined with the federal Manufacturing & Processing (M&P) rate of 15.0%, a corporation earning manufacturing income in Ontario is taxed at a rate of only 25.0%. By way of comparison, this combined rate is generally less than the combined statutory U.S. federal and state tax rates.
  Canada Ontario Combined
General Rate (Jul1, 2012) 15% 11.5% 26.5%
Manufacturing & Processing (Jul 1, 2012) 15% 10% 25%
Small business rate 11% 4.5% 15.5%
Source: Canada Revenue Agency